What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for August 2019
Understanding recent trends and current market conditions is essential so buyers and sellers can make informed decisions about buying or selling Solana Beach Homes for Sale.
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The following data are taken from the San Diego MLS for Solana Beach home listings and sales (private sales are not included, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time this report was published, but are not guaranteed.
In August 2019 there were 18 Solana Beach homes sold, the same as last month. Here are the highlights:
Detached Homes Sold
9 (up 29%), 45 Days on Market, Average Sales Price $1,895,951 (down 19%), Average sale 97% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
9 (down 18%), 88 Days on Market, Average Sales Price $1,095,666 (up 27%), Average sale 94% of original asking price
Overall sales volume in the Solana Beach housing market for August did not shift, but there were 2 more detached homes sold, and 2 fewer attached homes sold compared to last month. The average sales price decreased substantially for detached homes, in large part due to the sale of 3 homes for more than $2M, with 1 at $7.8M last month that had raised the average; there was a significant increase in average sales price for attached single family homes, with 4 homes selling at over $1.1M. Average marketing time increased for both detached and attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 3 - 6%. However, 6 home buyers (33%) paid asking price or better for their new homes. 33% of the homes sold for cash, compared to 44% last month.
The median sales price of a detached home was $1,900,000 (up 46%), and $967,000 (up 26%) for attached. Given the small number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of August 2019 there were 62 homes for sale in Solana Beach, 9% more than last month. There was 1 contingent listing, compared to 0 for the last 4 months (these are typically short sale or REO homes with offers being reviewed by lenders and considered active although some may be first right of refusals due to offers that are contingent). This home was a first right of refusal.
Solana Beach has a housing inventory of 4 months for attached homes (up from 2.9 months last month) and 3.4 months for detached (down from 3.9 months last month) based on the current rate of sales over the last 3 months. At this time the housing market favors sellers for attached and detached single family homes.
In August 30 new listings hit the Solana Beach real estate market, an 11% increase from July; in contrast, the number of homes going pending (excluding homes that sold in August) declined, by 7, to 13 (down 35%).
Please give me a call at (760) 840-1360 so we can discuss your housing needs and budget, and any questions you have about the market and how local market conditions affect your buying and selling needs and plans. Then we can create a strategy to help you buy and/or sell your Solana Beach home in 2019.